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Tuesday, 10 June 2014

Muscat: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, Al Salam Bank Bahrain, and Bahraini retail and commercial banking institution BMI Bank, have signed an memorandum of understanding (MoU) to collectively pool expertise, technologies and resources.

They have agreed to work together across a range of Islamic banking activities including Islamic syndications, particularly those issued in Oman, treasury transactions, liquidity management products and Islamic trade finance transactions.

The MoU was signed at BMI Bank's headquarters by Sulaiman Al Harthy, group general manager, Meethaq Islamic Banking; Yousif Taqi, CEO of Al Salam Bank; and Jamal Al Hazeem, CEO of BMI Bank, said a press release.

"Meethaq is delighted to sign the MoU with Al Salam Bank and BMI Bank, and we will work together to offer various Islamic finance products covering treasury, trade finance and capital market in Oman.

Meethaq is working to strengthen its operations in the Sultanate, which is witnessing substantial growth in the Islamic banking industry. We consider our partnership with Al Salam Bank and BMI Bank a great advantage to maximise favourable opportunities, and thereby expand our coverage," said Al Harthy.

"Since its inception in 2013, Meethaq has emerged as a leading Islamic banking service provider in Oman, and has enhanced its reputation within the region through investments in staff, systems and controls besides the timely launch of several world-class Shari-based products and services. Our organisations share mutual principles, values and expertise, and we are therefore pleased to sign this MoU. We look forward to enhancing this partnership in the coming years," added Al Hazeem.

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